Wheat in correction mode

After last week's uptrends, wheat prices in Paris went more southerly yesterday. The front month on the Euronext/Matif lost EUR 3 to EUR 296.50 per ton. Follow-up contracts were also weaker. With the closing price yesterday, the March date for wheat is cheaper than the March date for Matif corn. France's Agriculture Ministry estimates that the country's exports to countries outside the European Union will amount to 10.45 million tonnes this marketing year. So far, the ministry had expected 10.6 million tons. Because of the price competition from Russia, the local experts felt compelled to revise the forecast downwards. The feed mills in Germany appear to be largely supplied with grain for the coming months, but the greater willingness to house piglets could lead to a revival in the demand for feed grain. The CBoT was also in the red yesterday, the contracts lost double digits. Robust economic data and expectations of further rate hikes are supporting the US dollar, weighing on sentiment for wheat exports.Today the USDA releases weekly export sales, which are expected to range between 150,000 and 450,000 tons.